University of Minnesota - UMN Executive Leadership Insights
Family, Inc.
Book

Family, Inc.

How to Manage Parents, Siblings, Spouses, Children, and In-Laws in the Family Business

Larry and Laura Colin
Career Press, 2008
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Editorial Rating

7

Qualities

  • Applicable

Recommendation

Imagine the conflict, arguments and drama around almost every holiday dinner table, then imagine them played out around a conference table and you’ll see the issues that arise in family firms. Emotional, volatile relationships can erode even the most solid business. Larry and Laura Colin, who worked together in a family company before it was sold, use their first-hand experiences to show you how to avoid sacrificing your relationships on the altar of the family firm and vice versa. They look at the characters who populate many family firms, including “Dad the Decider,” “The Hard-Charging Son” and “Mr. & Mrs. Inc.” Although their insights are just one step beyond common sense, at least you don’t need a business degree to understand the conversational text. getAbstract recommends this to readers who must practice nepotism as an art form, working with bosses, colleagues and employees who are also close-knit kin.

Summary

The Cast of Characters

People in family businesses tend to fall into specific roles and face specific challenges, such as:

  • “Dad the Decider” – The founder and head of the family business.
  • “Mom the CFO” – As “Chief Family Officer,” Mom is the unofficial peacemaker.
  • “The Hard-Charging Son” – He’s got energy and great ideas, if only Dad would listen.
  • “The Savvy Sister with the Killer Resume” – She’s a corporate star, but is it time to come home and run the family business?
  • “In-Laws under the Influence” – Sons- or daughters-in-law who work in their spouses’ parents’ firms often worry that they’re not on equal footing.
  • “The Father with Farewell Paranoia” – Dad knows it’s time to retire, but how can he leave the business he built with his own hands?
  • “The Sibling Rivals” – Brother and sister still fight about who dented the car in high school, so can they cooperate enough to run a business?
  • “The Parents in a Pickle” – Can Mom and Dad fire their baby?
  • “Mr. & ...

About the Author

Larry Colin worked in his family business for three and a half decades before the family sold the $200 million dollar company in 2004. Laura Colin began her career as an investment banker and later became a vice president in the family’s company.

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